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Market Update

Orange offers €3.4 billion to Jazztel, Lafarge Sells Russia Unit

Author: Nigel Thomas
Last Update: 11:20 AM ET September 16 2014

4:00 PM Frankfurt – ASOS plunged after issuing third profit warning. Lafarge divested its Russia-based cement plant to Buzzi Unicem for €104 million. Orange offered €3.4 billion to Spain-based Jazztel. Thomas Cook declined after fiscal outlook.

In London trading, FTSE 100 index fell 0.3% or 19.98 to 6,784.23 and in Frankfurt the DAX index dropped 0.5% or 45.27 to 9,614.36.

In Paris, CAC 40 index declined 0.6% or 28.02 to 4,400.61.

ASOS Plc plunged 6.1% to 2,274 pence after the U.K.-based apparel and accessories retailer reported revenue in the fourth-quarter ending in August soared 16% to £245.7 million from £212.5 million a year ago period.

The online retailer added total retail sales in the quarter climbed 15% to £240 million and sales in U.K. surged 33% to £98.3 million and total international retail sales jumped 5% to £141.7 million.

Total group revenue in the year increased 27% to £975.5 million from a year ago.

As of August, the company’s active customers surged 25% to 8.8 million from a year ago.

Lafarge SA slid 0.4% to €55.78 after the France-based cement and building materials producer divested its Russia-based cement plant to Buzzi Unicem SpA for €104 million or $134 Million to reduce the debt.

The cement producer is in the midst of $40 billion merger with Switzerland-based Holcim Ltd.

Orange SA slipped 1.8% to €11.23 after the France-based mobile company reached a deal to buy Spain-based broadband and fixed line telephone company Jazztel Plc for about €3.4 billion or $4.4 billion in cash.

Thomas Cook Group Plc declined 6.2% to 122 pence after the U.K.-based leisure travel company said underlying operating earnings for the year isexpected between £315 million and £335 million, a growth of between 39% and 48%.

The company said net debt reduced to £421 million at September 2013 from £788 million at the end of fiscal 2012 and now expected net debt to further improve to about £300 million to £350 million by the end of this financial year.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc